First Financial Announces Loan Sale on Behalf of FDIC
First Financial Network, a loan sale advisor, announced the offering of $85 million in loans on behalf of the FDIC. The loans consist of commercial real estate, residential, C&I and asset-based lending whole loans and loan participations held by the failed NOVA Bank in Berwyn, PA, for which the FDIC is acting as Receiver.
First Financial Network will utilize its Loan Sale Network platform to provide qualified investors with immediate access to due diligence information and the opportunity to place bids. Bids are due March 5, 2013.
The NOVA bank loans are being offered in two separate portfolios based on asset class. The first portfolio consists of thirteen performing and non-performing bank loan participations totaling approximately $20 million for which NOVA Bank was the lead lender.
The second portfolio consists of approximately 500 performing and non-performing commercial real estate, residential, C&I, asset-based lending and home equity lines of credit loans and non-lead loan participations totaling approximately $65 million.
According to Bliss Morris, founder and CEO of First Financial Network, “NOVA Bank and its 12 branches were closed in October of last year, opening up the door for two offerings that represent an excellent acquisition opportunity both locally in the Philadelphia area and nationally for investors and banking institutions.”